Tcs collected by party for fy 2020-2021 but not deposited
This query is : Resolved
18 January 2022
We purchased hoods from a party and party collected tcs from us for fy 2020-2021.The party has not deposited tcs amount to government.
How will we write off tcs amount in our books of accounts? Please explain?
How will we write off tcs amount in our books of accounts? Please explain?
18 January 2022
Keep it in the books of accounts, report the issue to the jurisdiction ITO TDS of your seller.
Wait for the outcome for one more year.
Wait for the outcome for one more year.
18 January 2022
We don't want to report as this will make our relations bad
18 January 2022
Do not write off in FY 2021-22. Wait for the next FY, the party might deposit the TCS of FY 2020-21 at the time of IT return filing.
18 January 2022
How can we square off this tcs standing in our books of accounts?
18 January 2022
The party is not going to file since party position is bad. Please suggest how to write off?
18 January 2022
Pl suggest how to write off tcs in 2020-2021?
18 January 2022
You have to wait for 2 or 3 yeary before write off.
Request the supplier to remit TCS or refund the money.
Request the supplier to remit TCS or refund the money.
10 February 2022
Yes the supplier is refunding the money
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